Prices

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC’s 41% Premium

19/02/2020 by Idelto Editor

Cryptocurrency markets have seen fresh gains on Wednesday after the slight pullback that started two days prior. Most of the top 10 digital currencies by market cap have gained between 4-8% and the entire market valuation of all cryptos has hovered between $295-300 billion.

Also Read: Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter

Crypto Markets Shave Prior Losses and Show Daily Gains

On Wednesday, February 19, digital currency markets are in a sea of green again after a day or two of losses throughout Sunday and Monday’s trading sessions. Today most of the top 10 digital assets besides tether (USDT) are up between 4-8% but Tezos (XTZ) has captured the tenth position as XTZ is up 17.8% in the last 24 hours. BTC has once again surpassed the $10K zone and is currently meandering around $10,075-10,150 per coin. The digital asset is up over 4.7% today and has erased most of the losses from two days ago.

Ethereum is up 5.7% during the last 24 hours and has gained around 8.8% during the last seven days. Right now, ETH is swapping for $279 per coin and market aggregators show $3.8 billion in reported trade volume but Messari.io’s real volume for ETH today is only $646 million. XRP still commands the third-largest market cap and each coin is trading for $0.29. The currency has gained over 4% during the last 24 hours of trades.

Bitcoin Cash (BCH/USD) Market Action

Bitcoin cash (BCH) currently captures the fourth position on Wednesday as far as market valuation is concerned. At press time, BCH is trading for $413 per coin and the currency has gained 5% today. The top five pairs swapped with BCH today are USDT (67.07%), BTC (17.53%), USD (10.01%), KRW (2.07%), and ETH (1.50%). The reported volume on Wednesday for BCH is $750 million, but real volume data shows $37 million in 24-hour trades. During the last 30 days, BCH has gained 3.4% but 90-day data shows around 84% in gains. For the last year, bitcoin cash has done very well, gaining 193% during the last 12 months.

Fxstreet analyst John Isige explained on Wednesday that the BCH/USD market managed to hold the $400 threshold and is currently focused on $500. ”Bitcoin Cash bulls struggle to beat the seller congestion at $425 in readiness for gains aiming for $500,” Isige noted. “Development in terms of recovery has been very forthcoming in a couple of days after BCH downside took a breather at $375. Aiding in the support was the 200SMA in the 4-hour timeframe. BCH/USD is back in the limelight above $400 and focused on sustaining gains above $425,” the analyst added.

Searches for the Term ‘Bitcoin Halving’ Surge

Every 210,000 blocks, the BTC block mining reward halves and the coin reward decreases for miners hunting for blocks. The same event will happen on the BCH and BSV networks one month prior to BTC’s change, as coin rewards will be reduced from 12.5 to 6.25 coins. Right now, conversations about the halving are trending on social media platforms and forums like Twitter and Reddit.

Alongside this, Google Trends reveals searches for the term “bitcoin halving” have been steadily gaining traction. BTC’s halving is estimated to take place on May 12, 2020, 82 days from now. Google Trends (GT) shows the term “bitcoin halving” has a 75 value and recently crossed a GT value of 50. It’s following a similar pattern to four years ago prior to the BTC halving in 2016.

The Confounded Golden Cross

This week traders have been talking about BTC charts showing a bullish indicator called the “golden cross” on social media and forums. Basically this means that the 50-day moving average crossed the 200-day moving average and this signal usually precedes a bull run. The golden cross is the opposite of a “death cross” which is a bearish signal. When the short-term moving average jumps above the long-term moving average, traders often believe a major rally will follow.

#BTC …. BTC will touch 9k than continue upside movement…and also golden cross coming..so still in bullish on BTC..Not panic selling 9k is buying opportunity#BTC #ETC #EOS #ETH #LTC #BTC #cryptocurrencies #crypto #bitcoin #Altcoins #Binance #LTC #EOS #trading #blockchains pic.twitter.com/sDZIaksIkG

— Kvcrypto (@Kvcrypto1) February 17, 2020

The popular bitcoin trader Cryptobull explained the golden cross move when it happened on February 17. “Ladies and gentlemen… let me present the golden cross — The last time this happened was April 24th, 2019 at $5,400 — Before that was October 28th, 2015 at $300,” Cryptobull tweeted. However, not all golden crosses and death crosses materialize into anything, as one Twitter personality recently pointed out. “1/3 bitcoin golden cross/death cross-analysis,” said Sh___coin Riddler. “Since 2014 there were 10 golden/death crosses (50MA crossing 200MA). In 3 of 5 death crosses cases BTC price didn’t dump after the event [and] in 2 of 4 golden crosses cases BTC price didn’t pump after the event.”

Grayscale’s GBTC Premium 41%

News.Bitcoin.com recently reported on Grayscale’s Bitcoin Trust (GBTC) seeing an uptick in demand and a 20-30% premium. This means investors are willing to pay more for GBTC than simply purchasing BTC on a traditional spot market. Investors who want to participate in a regulated environment have invested in Grayscale’s GBTC and this week the premium for the investment vehicle jumped to 41%. The CEO of Blockforce Capital, Eric Ervin, noticed this trend on February 18 and premiums have continued nearly every day since. “GBTC premium now up to 41%,” Ervin tweeted. “People want exposure to cryptocurrency and are willing to pay a significant premium to get it. Dear SEC, it is time for an ETF. Give investors the opportunity to make their own decisions.”

The Biggest Stablecoin Is Rumored to Be Coming to Bitcoin Cash

In a video posted to the Cryptofinder Youtube channel, the executive chairman of Bitcoin.com, Roger Ver, discussed the importance of the Simple Ledger Protocol (SLP) framework on the BCH network. Ver explained how anyone can issue tokens using BCH in a permissionless manner and he talked about stablecoins leveraging the SLP infrastructure.

During the video, Ver noted that “a little birdie told me the world’s biggest stablecoin, Tether, is about to launch on top of SLP as well.” Tether, the largest stablecoin by market cap and by transactions, is hosted on a variety of blockchains like Ethereum, Tron, and Algorand. News.Bitcoin.com reached out to members of the Tether team and our newsdesk will have more on this story soon.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 9:30 a.m. ET on February 19, 2020.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, Eric Ervin’s tweet, Fair Use, Wiki Commons, Twitter, and Google Trends.

Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

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Bitcoin ATMs Grow in Number Reaching Almost 7,000 in Operation Around the World

16/02/2020 by Idelto Editor

ATMs supporting digital coins have increased parallel to the predominant trend on cryptocurrency markets since the beginning of 2020. With over 400 new devices added in January, the global total is now closing on the 7,000 mark. The sector has seen exponential growth in the past three years.

Also read: Bitcoin.com Partners With Mecon Cash, Enabling Withdrawal at ATMs Across South Korea

Crypto Teller Machines Increase by Over 5% in January

This year had a promising start for cryptocurrencies, with the price of BTC rising from below $7,000 in the first days of January to around $9,350 at the end of the month and to over $10,000 in mid-February, the Bitcoin Markets tool shows. Other cryptocurrencies gained market capitalization too. Bitcoin cash (BCH), for example, increased its rate from a little under $200 per coin to almost $500 on Feb. 14.

Higher prices are bringing interest back to the crypto space, with more people looking to invest in digital assets. Bitcoin ATMs are an accessible way to acquire cryptos for those who are entering the ecosphere now and the Google Trends statistics reveal that the queries about this type of teller machine have doubled since last year. Period highs were observed in June 2019, when BTC almost touched $13,000, and in the first half of January, when the current bull market started.

The number of newly installed BATMs has continued to grow at a stable rate this year, according to data compiled by the tracking website Coinatmradar. Its Bitcoin ATM Market Dynamics January 2020 report shows that there were 6,377 operating devices around the world at the start of the month. 432 machines were launched during the period while only 104 were closed, which represents a net growth of 328, or 5.1%.

The majority of manufacturers increased production. Genesis Coin is leading the pack with 146 new ATMs (7% increase), followed by General Bytes with 62 (3%) and Coinsource with 40 installations (up 11.7%). Many operators introduced new machines. Coinflip Bitcoin ATMs tops the chart with 36, Bitcoin Depot is a close second with 34 and ATM Coiners comes in third place with 33, or a 50% increase in its devices. New players are entering the niche with U.S.-based Pro ATM installing its first 12 machines.

Large Operators Fare Better Than Firms With Few ATMs

Coinatmradar has been following and analyzing the activities of 870 Bitcoin ATM operators since 2013. Despite the common perception that they charge high fees, not all companies have made it so far due to various costs and risks. The survival rate seems to depend on the number of operated ATMs. Firms that ran between 1 and 10 machines at peak level lasted for a year and a half on average. While over 450 of these small operators are still active, more than 300 have already closed down. At the same time, none of the companies with 100 or more devices went out of business.

In January, the United States saw the highest number of new BATMs – 325 new machines were installed across the country, which is a 7.7% increase. Canada and the United Kingdom are distant second and third with only 5 and 2 recently added locations respectively. Unfortunately, there are nations that closed some of their crypto teller machines last month. Italy, for instance, has lost 7 Bitcoin ATMs and now has 47. Three of a total of 179 devices were decommissioned in Austria while two were unplugged in the Netherlands.

Most of the machines in operation allow you to buy and sell multiple currencies. Bitcoin core (BTC) is the most widely supported crypto on all but three of the 6,833 active ATMs. Their number increased by over 300 in the first month of the year. A total of 2,307 devices currently offer Bitcoin cash (BCH), up from 2,226 at the end of January and 2,141 at the start of 2020. Last month, BCH supporting devices increased by 85 or almost 4%. Meanwhile, teller machines offering zcash (ZEC), dogecoin (DOGE) and monero (XMR) have decreased in number.

Do you expect Bitcoin ATMs to continue to spread around the world? Do you see a correlation between their numbers and crypto market trends? Tell us in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, Coinatmradar.

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Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC

15/02/2020 by Idelto Editor

Tradeblock Report Estimates Bitcoin's Post-Halving Cost at $12,500 per BTC

On February 7, the blockchain analytics provider Tradeblock published a report about the upcoming BTC reward halving. BTC’s block reward is expected to halve on or around May 12, 2020, and Tradeblock’s report estimates that the cost to mine BTC will be over $12,500 after the halving.

Also Read: The Controversial S2F Model Predicts Bitcoin Price Will Reach 100,000 USD Within 2 Years

BTC’s Price Must Rise According to Post-Halving Cost Estimate

The great reward halving of 2020 is coming and the discussion about this topic has intrigued crypto supporters. BTC, the largest blockchain network by market capitalization, will see a reward halving on or around May 12, 2020.

This means a miner who finds a block on the network will only get 6.25 BTC, in comparison to today’s 12.5 BTC reward. Of course, the BTC reward halving has prompted intense speculation on whether the price will rise prior to the halving and remain profitable to mine after the event as well. Across social media platforms and crypto-focused forums, individuals have been debating the subject regularly. Additionally, there’s been various studies done on the subject and Tradeblock recently published the firm’s thoughts on the upcoming BTC reward halving and estimated post-halving cost.

Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC — Figure 1 from Tradeblock’s report shows BTC’s network hashrate and difficulty hit new all-time highs.

The blockchain analytics provider emphasized that the post-halving cost should be around $12,525. “In our latest estimates, we projected that commercial mining operators were likely operating at healthy profit margins as the price of bitcoin increased throughout 2019 (albeit with bouts of volatility over the year),” Tradeblock’s researchers noted. “However, the network hash rate has continued on a record run, making new highs nearly each week.” They added:

Hash rate increases as the number of resources, in aggregate, committed to securing the network through mining activities rises. As resources dedicated to mining rise over time, efficiency gains and/or mining costs rise. As such, in order to maintain healthy profit margins for miners, a rising hash rate is typically needed to correspond with a rising bitcoin price.

Analysts and Controversial Stock-to-Flow Charts Show the Halving Could Propel BTC’s Price to $100K

Tradeblock stressed that the gross cost to mine a single BTC after the halving would need to be around $15,062 per coin. However, by adjusting the assumption that hashrate remains relatively flat then the cost would drop to $12,525 per BTC. “It is important to note, however, that large scale commercial mining pools such as those operated by Bitmain will likely have a lower device price point as they will be utilizing Antminer devices at cost,” Tradeblock’s report highlights. “As such, this would allow breakeven costs to be somewhat lower than the above estimates.”

The Tradeblock report follows the report published in September by Bayerische Landesbank (Bavarian State Bank), which estimated BTC prices could touch $90,000 soon. The report’s estimates and reasoning derive from speculation concerning the reward halving and the controversial stock-to-flow (S2F) system. News.Bitcoin.com recently reported on how a few S2F charts show a possible climb to the $100K mark. Traders who wholeheartedly believe in S2F technical analysis think that the reward halving is one of the biggest reasons why the $100K price is achievable. Additionally, onchain data indicates that BTC miners are hoarding coins as the difference between freshly generated coins and their first spends have consistent gaps week after week.

Tradeblock’s report assumes miners will continue to expend resources in order to secure the network despite the reward halving. The study’s data suggests that the “cost (per mined btc) increase following the halving” will surely happen, but the rise in price is theoretical. “This suggests that miners are likely expecting the price of bitcoin to rise to higher levels (above ~$12,000-15,000 per BTC) around the halving allowing them to continue to generate a profit, or they likely will look to reduce resources following the halving resulting in a hash rate decline as profitability falls,” Tradeblock’s report concludes. If the price of bitcoin means it is not profitable to mine after the BTC halving in May, significant miner capitulation could occur.

What do you think about the BTC reward halving? Do you think the price is already priced in or do you expect BTC to rise just before the halving? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader.

Image credits: Shutterstock, Wiki Commons, Twitter, Tradeblock report, bitcoinblockhalf.com, Bytetree, and Pixabay.

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$10K Bitcoin Prompts Influencers to Call a Bull Market

13/02/2020 by Idelto Editor

Cryptocurrencies have gained significant value over the last few weeks and it’s causing exuberance among digital currency proponents. Now a number of traders and influencers believe bitcoin and other coins are in bullish territory. Despite the surge to $13K last July and the deep pullback that followed, BTC investors and influencers have no issue believing that crypto is on the threshold of another bull market.

Also read: XRP Still Third Largest Crypto by Market Cap After Founder Dumps 1 Billion Coins

‘Calling the Bull’ Is a Bold Move, But a Number of People Are Doing So After BTC Surpasses $10K

Bitcoin traders, analysts, and thought leaders on social media and forums seem to think that the crypto market is facing another bull run. Statements about a “bull market” and a possible “altcoin season” are littered all over Twitter and news articles about the cryptoconomy’s swift rise. You can find a number of crypto influencers explaining that the bitcoin bull market is overdue for a variety of reasons.

Some people claim the reward halving is pushing BTC’s price up, they say miner capitulation is over, the BTC hashrate has touched an ATH, and most of the non-ideological investors capitulated. Moreover, lots of crypto investors are stressing that “this time is different” even though they know calling a bear or bull market requires judgment and is considered a bold call. But this hasn’t stopped a number of crypto’s influential figures from doing so.

“Early signs of a bull market,” explained @American_hodl on Wednesday. “I am finding myself explaining bitcoin to skeptics and new entrants again. This did not happen during the bear. During the bear, it was just us here.”

Last bull market, this is how fast #Bitcoin moved:

$8k – $10k: 11 days
$10k – $12k: 7 days
$12k – $14k: 1 day
$14k – $16k: 1 day
$16k – $18k: 8 days

Now consider the fundamentals today vs 2017. The next bull run will be insane.

— Bloqport.com (@bloqport) February 10, 2020

However, other people disagree with American_hodl and the others who assume the market has turned bullish. Some individuals have certain price points that need to be obtained until they call the bull. “We aren’t in a bull market until we close above $10.7k,” emphasized @llamamarket. “So I’m patient but it looks more likely I was wrong about $5k at least at this very moment. I’ll keep everyone posted if/when I buy.” The specific price point at which a bull market occurs has been a trend lately and the crypto influencer Luke Martin touched upon the subject on February 6, tweeting:

Fun observation about BTC in a bull-market is the post each day stating: ‘Bitcoin isn’t bullish until we cross $10k’ which quickly turns into ‘Not bullish until we cross $11.6k’ which quickly turns into ‘Not bullish until we cross $14k,’ which turns into ‘Not bullish until…’

Bullish Pomp Tweets ‘Altcoin Season’ Phases, and Never Shorting the Bull

Anthony “Pomp” Pompliano, the well known cofounder of Morgan Creek Digital Assets has been talking about the bull run lately too. On Twitter, Pomp felt the need to give an “important message as we enter the next bitcoin bull market.” Pomp explained: “BTC is very volatile, you can lose all of your money, only invest what is ok to lose, Twitter is not investment advice, don’t buy BTC with credit cards, keep low time preference, [and] do your own research.” When BTC crossed the $10K zone, Pomp let his 309,000 Twitter followers know that he still thinks “bitcoin will hit $100,000 by end of December 2021.” In between all the social media and forum discussions about the bull market, a number of individuals say that “altcoin season or altseason” typically happens before the BTC bull market or comes in phases.

People underestimate how quickly Bitcoin will go from $20k to $50k and then $100k.

Most of the new people have never seen a full bull market. They have no idea how much Bitcoin will pump once it really gets going!

— Bitcoin Macro (@BTC_Macro) February 1, 2020

Managing partner at Blocktown Capital, Joseph Todaro, discussed the altseason topic and the next bull market on Wednesday. “This is the first altseason of the next bull market,” Todaro tweeted. “You only get 3 real altseasons: The early alt pump when bitcoin is still less than ATH (weak), the mid alt pump after bitcoin passes ATH ~$20k (strong), [and] the late alt pump as bitcoin marks cycle top (strong). Bitcoin just hit $10,000.” Todaro also quipped and said:

You know we are in a bull market when Peter Schiff refuses to tweet about bitcoin.

Despite knowing about the prior BTC price dump after July’s $13K high, bitcoiners everywhere are still calling the bull after the $10K position was reached. “Bitcoin is currently in an intense bull market and investors are getting excited,” another individual tweeted on Wednesday.

“Never short bitcoin in a bull market,” explained the BTC thought leader Whale Panda on Tuesday. “Never short bitcoin, period,” the popular Twitter account @Arminvanbitcoin replied to Whale Panda’s statement. Crypto Twitter influencer Paul McNeal from thecryptocurator.com tweeted to his 20,000 followers about the bull market situation as well: “Market Cap goes up – Bitcoin dominance goes down — Welcome to the bull market of 2020.”

What do you think about the investors and influencers calling the bull market or calling an altcoin season? Do you think that crypto markets and BTC prices are in a bull market right now? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Image credits: Shutterstock, Twitter, Fair Use, and Pixabay.

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Altcoin Season Trending – LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h

12/02/2020 by Idelto Editor

The last few days have shown bullish price activity across the list of top cryptocurrency markets. There’s been a lot of focus on coins like BTC, ETH, BCH, and EOS, but digital assets like HBAR (120%), STX (52%), XTZ (20%) and LINK (13%) have seen much larger gains this week. The cryptoconomy has surpassed the $300 billion range and a few speculators think an “altcoin season” is upon us.

Also Read: Ethereum vs Tron: Comparing Data, Defi and Stablecoins from Both Chains After Viral Tweet

Cryptoconomy Jumps Over the $300 Billion Threshold With Smaller Coins Making Significant Gains

During the early morning trading sessions on Wednesday, the overall market valuation for all 5,000+ digital currencies the $300 billion mark. BTC surpassed the $10K zone, ETH is hovering around $250 per coin, and BCH is climbing toward $500 a unit. Aside from the market capitalization giants, a number of smaller crypto contenders have been gathering significant gains. For instance, one asset traders have been eying lately is chainlink (LINK), a decentralized oracle project built on the Ethereum blockchain.

Chainlink (LINK)

On February 12, LINK has gained 13.4%, and for the last seven days is up over 47%. Each unit is swapping for $4.19 and there’s $1.4 billion in reported chainlink trade volume today. However, “real volume” statistics from Messari.io shows there’s only $163 million LINK trades on Wednesday. Because chainlink came out recently it has already spiked to an all-time high (ATH) of $4.36 which is only 5% higher than the current spot market price.

Link has finally broken out!!!! Say hello to a $6 Link very soon. Go link marines 🚀🚀🚀#XRPCommunity #link #Chainlink #ALTSEASON pic.twitter.com/sCPHjOkzjY

— Blockchain Barrister⚡️🇬🇧 (@blockbarrister) February 7, 2020

Tether (USDT) captures the most LINK trades with 42% of global trade volume which is followed by BTC at 33%. This is followed by USD (15%), ETH (5.4%), KRW (1.7%), and TUSD (0.79%). The Chainlink project recently partnered with the Swipe wallet application and card platform. Gemini Custody also announced that the firm has added support for LINK.

Altcoin Season Close – LINK, XTZ Heat Up With Over 700% in 12 Months — Chainlink (LINK) price on Wednesday, February 12, 2020. LINK has gained 871% against USD during the last year.

Tezos (XTZ)

Tezos (XTZ) is another blockchain network linked to a digital token that has jumped considerably in value over the last week. At press time, XTZ is up more than 20% and it’s up 51% for the week. Reported trade volume shows there’s $173 million of XTZ trades today but “real volume” data shows it’s roughly around $125 million. Despite being up over 50% for the last seven days, XTZ is still down 75% from its $11.20 ATH. On Wednesday, the asset is trading for $3.30 per XTZ and the currency is up over 748% during the last 12 months.

#Tezos having it’s own #altseason!

All time highs, aiming for top 5 in crypto market cap, it’s on full blown rocket mode! 🚀🚀🚀

At there are still doubters! Lmao$xtz #crypto #CryptoTwitter #blockchain #SmartContracts #buytezos #fomo #btfd #hodl #staking $btc $eth pic.twitter.com/lhQlMkdbid

— Mr_Digital_Assets (@MrDigitalAssets) February 9, 2020

Unlike many other coins losing against BTC, XTZ is up 196% against BTC as well. The most traded pair with tezos today is tether (USDT) which captures 35% of all XTZ trades. This is followed by BTC (35%), USD (23%), EUR (2.6%), and KRW (1%). Tezos hasn’t seen any crazy news updates that would justify the surge XTZ markets have seen, but the cryptocurrency’s staking yield is fairly decent with an annualized yield of 6.9%.

Blockstack (STX)

Lastly, Blockstack’s SEC approved project and coin has been doing well during the last two weeks. Blockstack (STX or BSTX) is up over 44% on February 12 and it’s trading for $0.22 per unit. According to Messari.io, STX has a reported trade volume of around $15.7 million and “real volume” statistics are exactly the same. Only a few currencies are paired against STX which include BTC (67%), USDT (29%), and BNB (2.8%). STX is a fairly new market with no recorded ATH, and no year-over-year price history yet.

Blockstack has been in the news for announcing that node operators would be rewarded in BTC. However, the project has been scrutinized by publications such as The Block for its alleged key milestone of 1 million verified users. This figure has been questioned by journalists and the topic has been discussed widely on social media. Because the project touched the milestone it unlocked investor funds that can be used to further development.

Altcoin season in full swing! #Bitcoin dominance crashing! pic.twitter.com/3Nck8OvAE5

— gaurav.NIMESH (@gauravNIMESH18) February 9, 2020

A few other notable forerunners today include hedera hashgraph (HBAR) which has jumped over 120% in the last 24 hours. Sophiatx (SPHTX) is up 171%, vite (VITE) gained 77% and omnitude (ECOM) climbed 43% this Wednesday. A number of traders and analysts are already stating that crypto markets have turned bullish and some believe we are seeing the infamous “altcoin season.” Meanwhile, while these speculators say this time around is different, other analysts point to the bullish markets that took place in June and followed with a bearish downtrend. It’s going to take a lot more movement to convince these skeptics that an altcoin season is here or that the bulls have gained full control over the cryptoconomy.

What do you think about the cryptoconomy’s current action? What do you think about these three cryptocurrencies and the price movements this week? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Markets.Bitcoin.com, Trading View, Fair Use, Twitter, and Pixabay.

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